South Korea's petrochemical exports expected to decline in July as the won stabilises

23-Jul-10

South Korea's petrochemical exports are expected to decline in July after growing by 24.1% year on year to US$2.87 bln in June as the won stabilises after sharp falls against the US dollar last month, as per ICIS. Weakness in the Won has boosted export profits. The currency tumbled 7.4% in the three months through June, on concerns that Europe’s debt crisis would hurt the global recovery, giving a boost to exports. Some stability has been seen in the Won in July, with analysts estimating a month on month decrease of 5.1% in July for overall exports. Annual growth of petrochemical exports is expected to slow down from mid-2010 as overseas sales for the same period in 2009 had recovered from the height of the economic global crisis.